Author

Channing Hamilton

Bill Ketcham, The Mogharebi Group
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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515@Royster in Madison, Wisconsin
Investment SalesMidwestNewsWisconsin

CBRE Brokers $34 Million Sale of Two Communities in Madison, Wisconsin

by Channing Hamilton

MADISON, WIS. — CBRE has brokered the sale of Royster Commons and 515@Royster, two properties totaling 174 units in Madison. Weidner Apartment Homes purchased the assets from Ruedebusch Development & Construction for $34 million. Royster Commons was built in 2019 and features 86 apartments. The average unit size is 956 square feet. Built in 2022, 515@Royster comprises 88 units with an average size of 761 square feet. Gretchen Richards, Patrick Gallagher, Matson Holbrook and Ted Nevermann of CBRE represented the seller in the deal. CBRE also provided acquisition financing for …

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Investment SalesNewsTexas

Muskin | Elam Arranges Sale of 124-Unit Summer Grove in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Muskin | Elam Group has arranged the sale of Summer Grove, a 124-unit property in Austin. Monterra Capital Partners purchased the asset for an undisclosed price. Daniel Elam of Muskin | Elam Group represented the undisclosed, Chicago-based seller in the deal. Summer Grove was built in 1984. The garden-style community offers one- and two-bedroom floor plans. Community amenities include a pool, fitness center and pet park.

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EightyOne 10 Blue Goose in Manor, Texas
Investment SalesNewsTexas

American Landmark Apartments Purchases 300-Unit Alta Blue Goose Near Austin, Texas

by Channing Hamilton

MANOR, TEXAS — American Landmark Apartments has purchased Alta Blue Goose, a 300-unit property located at 8110 Blue Goose Rd. in the Austin, Texas suburb of Manor. Alta Blue Goose was built in 2023. The community offers studio, one-, two- and three-bedroom floor plans. Amenities include private work offices and conference rooms, a pool, Wi-Fi, fitness center and clubroom. The new owner will rebrand the property as EightyOne 10 Blue Goose.

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Investment SalesNewsTexas

TruAmerica, Spoke Real Estate Capital Acquire Sheridan Park at Spring Creek Apartments in Dallas Suburb for $50.3 Million

by Channing Hamilton

PLANO, TEXAS — A partnership consisting of TruAmerica Multifamily and Spoke Real Estate Capital has purchased Sheridan Park at Spring Creek Apartments, a 300-unit community in the Dallas suburb of Plano. The asset traded hands for $50.3 million. Sheridan Park at Spring Creek Apartments offers one-, two- and three-bedroom apartments. Units feature wood burning fireplaces, private patios, washer and dryer connections and private backyards. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the buyers and the undisclosed seller …

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A property included in a portfolio of seven assets in Spartanburg and Mauldin, South Carolina
FinanceNewsSouth CarolinaSoutheast

JLL Capital Markets Arranges $53.4 Million Bridge Financing for 877-Unit Portfolio in South Carolina

by Channing Hamilton

SPARTANBURG AND MAULDIN, S.C. — JLL Capital Markets has negotiated $53.4 million in bridge financing for a portfolio consisting of 877 units across five properties in Spartanburg and two communities in Mauldin. All seven properties were constructed between 1971 and 1986. The portfolio was 70 percent occupied at the time of sale.  Of the total unit count, 139 have been recently renovated. Additionally, the sponsor plans to remodel an additional 300 apartments. Planned restorations include updates to in-unit features such as new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet …

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FinanceNew YorkNewsNortheast

Greystone Provides $21.5 Million Refinancing for Two Properties in New York City

by Channing Hamilton

NEW YORK CITY — Greystone has provided a total of $21.5 million in Fannie Mae Delegated Underwriting & Servicing loans to refinancing two communities in New York City’s Harlem neighborhood. Greystone provided $11.4 million for The Duke, a 28-unit building located at 521 W. 134th St., and $10.1 million for The Count, a 27-unit asset located at 168 W. 136th St. Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. Avi Kozlowski …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

The Hampshire Cos., The Pinnacle Cos. Open 40-Unit The Clair in Montclair, New Jersey

by Channing Hamilton

MONTCLAIR, N.J. — A partnership between The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit community located at 37 Orange Road in the New York City suburb of Montclair, which is 20 miles northwest of lower Manhattan. The asset is located adjacent to the 159-room MC Hotel, which The Hampshire Cos. and The Pinnacle Cos. completed in 2019. The Clair offers studio, one- and two-bedroom apartments. Amenities include valet parking, package service, community Wi-Fi, EV charging stations, a clubhouse and business center, courtyard with grills, roof …

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FinanceNew YorkNewsNortheast

J.P. Morgan Provides $210 Million Refinancing for 12-Property Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors. The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to …

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Braxton at Lake Norman in Mooresville, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Northmarq Brokers $55 Million Sale of Braxton at Lake Norman in Charlotte Suburb

by Channing Hamilton

MOORESVILLE, N.C. — Northmarq has brokered the sale of Braxton at Lake Norman, a 232-unit community located at 118 Plantation Creek Drive in the Charlotte suburb of Mooresville. Inwood Holdings LLC purchased the property from Passive Investing for $55 million. Andrea Howard, Caylor Mark, John Currin, Allan Lynch, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Braxton at Lake Norman was built on a 20-acre site in 2014. The average apartment size is 1,055 square feet. Community amenities include a pool, fitness center with rock …

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